Since the time, our new government has allocated Rs 7,060 Crore for the development of 100 Smart City across country, the idea has raised the hopes and expectation of all the stakeholders in the country. Be it, IT Majors, Construction & Infrastructure Majors or the government itself, all are running after a dream to see "India Shining".
Have we, as a citizen, ever wondered What's it all about? It's time to pose a straight face because it shows our oblivion!
Smart Cities are best described as wired up habitations that rely heavily on Technology! In his budget speech, Mr. Jaitley stated that they would be satellite towns of larger cities and also the existing mid-sized towns would be upgraded to the status of smart cities.
Now, once we know about the idea behind Smart Cities, we must also ponder as to how much will be the actual cost of bringing this dream in reality. According to Urban Development Ministries rough estimate, it's roughly Rs 35000 Crore a year! Yeah, you heard it right!
The ministry has also suggested a range of new taxes which would help in raising the revenue for government to fulfill this dream. The taxation may be in the form of enhancing the rates for already existing taxes like stamp duty or on fuel! Now, that is where it would hurt us more. Though, the enhancement of tax rate is yet to be thought over by government but perhaps it's time to make ourself prepared for this sudden brunt and be ready to pay some new taxes!
Welcome to Smart City!!!
Thanks for reading!
